China's HNA to step on M&A brake after dealmaking binge

Beijing

AFTER two years of aggressive dealmaking - from buying stakes in Deutsche Bank and Hilton Worldwide Holdings Inc to taking over electronics distributor Ingram Micro - Chinese conglomerate HNA Group intends to slow the pace, or at least the size, of its acquisitions overseas.

A sprawling aviation-to-financial services group, HNA has emerged as China's most active non-government player in global markets, with deals worth more than US$50 billion - equal to the annual GDP (gross domestic product) of Bulgaria.

"This year, the merger and acquisition pace will slow a little for sure," Adam Tan, HNA Group CEO, told Reuters.

Political uncertainty in the United States and Europe - such as the upcoming negotiations on Britain's departure from the European Union - and China's broad crackdown on capital fligh…